EX-12.1 3 sndkex-121xratioofearnings.htm COMPUTATION OF RATIO TO FIXED CHARGES Exhibit
EXHIBIT 12.1




Computation of Ratio of Earnings to Fixed Charges

 
Years ended
 
January 3,
2016
 
December 28,
2014
 
December 29,
2013
 
December 30,
2012
 
January 1,
2012
 
(In thousands, except ratios)
Computation of earnings:
 

 
 
 
 
 
 
 
 
Income before provision for income taxes
$
529,624

 
$
1,489,030

 
$
1,516,149

 
$
626,916

 
$
1,476,754

Fixed charges excluding capitalized interest
132,422

 
124,188

 
93,804

 
128,934

 
125,057

Distributed earnings from 50%-or-less-owned affiliates
(1,483
)
 
(977
)
 
(13,733
)
 
(451
)
 
(2,729
)
Adjusted earnings
$
660,563

 
$
1,612,241

 
$
1,596,220

 
$
755,399

 
$
1,599,082

Computation of fixed charges:
 

 
 

 
 

 
 

 
 

Interest expense
$
120,279

 
$
113,216

 
$
91,785

 
$
119,869

 
$
122,512

Interest relating to lease guarantee of 50%-or-less-owned affiliates
7,961

 
6,943

 
—

 
7,065

 
—

Interest portion of operating lease expense
4,182

 
4,029

 
2,019

 
2,000

 
2,545

Fixed charges
$
132,422

 
$
124,188

 
$
93,804

 
$
128,934

 
$
125,057

Ratio of earnings to fixed charges (1)
5.0
x
 
13.0
x
 
17.0
x
 
5.9
x
 
12.8
x
 
 
(1) 
Computed by dividing (i) income before provision for income taxes adjusted for fixed charges by (ii) fixed charges which include interest expense plus amortization of debt issuance costs, the portion of rent expense under operating leases deemed to be representative of the interest factor and interest relating to lease guarantees of 50%-or-less-owned affiliates.